In what may be a sign of how expectations have been lowered by the bad economy in recent years, most Americans don't feel they need to make six figures to be successful, according to a recent survey. But while it's fine to aim for relatively modest financial goals, if your goals are too modest, they may sell your retirement short.
A study from earlier this year by CareerBuilder.com found that 75 percent of Americans would feel successful with a salary under $100,000. Twenty eight percent of survey respondents said they would need to make between $50,000 and $70,000 to feel successful, while 23 percent said they could feel successful earning less than $50,000.
The trouble with low expectations
The problem is overly modest financial goals may be a sign that Americans don't fully understand how much money they will need in retirement. Before you settle for less, here are five questions you should ask yourself.
If Americans really are willing to get by with less money, the best way for them to do it would be boost their savings rates so they are spending less now, and putting more aside for the future. Otherwise, they may regret those modest income goals when retirement arrives.
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